VTB Executive Calls for Shift to Open Data to Strengthen AI Services

Moving from Open Finance to an Open Data model could make artificial intelligence products and services far more personalized, according to Olga Skorobogatova, first deputy president and chairman of VTB's management board. Speaking at the SOC Forum, she said AI's biggest impact comes from erasing boundaries - but that requires data, not just models and tools.

Skorobogatova said she and colleagues, including those in the insurance sector, regularly discuss the need to move beyond Open Finance by API toward Open Data. Without that shift, she warned, the country would end up living "in separate compartments." Her remarks were relayed by the bank's press service.

The transition would let AI agents and digital assistants draw comprehensively on data from financial and non-financial companies, as well as from telecom and retail, she said - describing the prospect as "a completely different planet." She expects the market to approach the topic seriously in 2027, at least at the level of pilot projects.

For the coming year, Skorobogatova listed three priorities for AI in finance: understanding who manages and who controls the technology; ensuring the security of the environment and of products and services built on AI; and learning to properly measure the effect of AI adoption.

She said the main challenge for banks and ecosystems in the financial system is ensuring complete trust and security for citizens' funds when deploying various AI tools and models. That, in her view, requires a new environment within the banking ecosystem that guarantees safe use of AI-based products and services for people and businesses.

Source: RIA Novosti